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Rent increase for new built townhouses

  • Fri, August 16, 2024 8:23 AM
    Quote
    Reply # 13394556 on 13392981
    Christian Szpilfogel (Administrator)

    Hi Tigran,

    TLDR: Your unit is not currently covered under rent control as it was built on or after November 15, 2018. You can raise the rent to whatever you want. If they are good tenants that you wish to retain, then please consider how you introduce the increase to the tenant. We usually write a cover letter.

    The specifics are covered in the Ontario Residential Tenancies Act (RTA) section 6.1 as an exemption to section 120. 

    https://www.ontario.ca/laws/statute/06r17#BK9

    As you are now in the rental housing business, I strongly encourage you to review and become familiar with the RTA as it is the governing law for residential tenancies in Ontario. Most landlords get into all kinds of trouble because they are not familiar with these laws. 

    Christian
  • Mon, August 12, 2024 1:50 PM
    Quote
    Message # 13392981
    Tigran Zohrabyan

    Hi Everyone,

    I wanted to check if anyone is familiar with the rent increase regulations for newly built townhouses. I have a unit that was built in 2021, which I’ve been renting out below market value without increasing the rent due to COVID.

    This year, I’m considering raising the rent, but I’ve read that there may be no rent cap for newly built rental properties. I’m unsure if this applies to my situation, so I wanted to get your thoughts on it.

    Here’s a link to the article on rent increases that I’m referring to:

    https://www.ontario.ca/page/residential-rent-increases 

    It says newly built buildings and it`s not clear whether townhouse is in that category.

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